Correlation Between E W and Crexendo

Can any of the company-specific risk be diversified away by investing in both E W and Crexendo at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining E W and Crexendo into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between E W Scripps and Crexendo, you can compare the effects of market volatilities on E W and Crexendo and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in E W with a short position of Crexendo. Check out your portfolio center. Please also check ongoing floating volatility patterns of E W and Crexendo.

Diversification Opportunities for E W and Crexendo

-0.07

Correlation Coefficient

E W  Crexendo

Good diversification

The 3 months correlation between SSP and Crexendo is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding E W Scripps and Crexendo in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Crexendo and E W is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on E W Scripps are associated (or correlated) with Crexendo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Crexendo has no effect on the direction of E W i.e., E W and Crexendo go up and down completely randomly.

Pair Corralation between E W and Crexendo

Considering the 90-day investment horizon E W Scripps is expected to generate 2.05 times more return on investment than Crexendo. However, E W is 2.05 times more volatile than Crexendo. It trades about 0.09 of its potential returns per unit of risk. Crexendo is currently generating about 0.01 per unit of risk. If you would invest  320.00  in E W Scripps on August 24, 2025 and sell it today you would earn a total of  92.00  from holding E W Scripps or generate 28.75% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

E W Scripps  vs.  Crexendo

E W Scripps

Risk-Adjusted Performance

Mild

Compared to the overall equity markets, risk-adjusted returns on investments in E W Scripps are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Even with relatively unsteady basic indicators, E W reported solid returns over the last few months and may actually be approaching a breakup point.

Crexendo

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Crexendo are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of very healthy fundamental indicators, Crexendo is not utilizing all of its potentials. The recent stock price disarray, may contribute to short-term losses for the investors.

Pair Trading with E W and Crexendo

The main advantage of trading using opposite E W and Crexendo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if E W position performs unexpectedly, Crexendo can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Crexendo will offset losses from the drop in Crexendo's long position.

The idea behind E W Scripps and Crexendo pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.